Attachment III

PT VIRTUE DRAGON NICKEL INDUSTRY

(PARENT ENTITY ONLY)
STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Years Ended December 31, 2022 and 2021
(Expressed in US Dollar, unless otherwise stated)

2022 2021
REVENUE 1,729,644,997 1,419,640,052

COST OF REVENUE (1,285,484,285) (1,013,555,755)

GROSS PROFIT 444,160,712 406,084,297

OPERATING EXPENSES
General and administrative (96,546,462) (83,466,133)
INCOME FROM OPERATIONS 347,614,250 322,618,164
OTHER INCOME (CHARGES)
Interest income 8,841,199 5,217,138
Share in net profit of associate 3,328,222 6,369,437
Equity net gain in subsidiaries 330,224 5,439,631
Rent income 2,340 2,270
Gain (loss) on foreign exchange - net (26,514,378) 1,712,116
Financing charges (6,311,697) (5,494,195)
Loss from partial sale of
interest in investment in associates (1,274,604) -
Other income - net 919,855 423,457
Other income (charges) - net (20,678,839) 13,669,854
INC OME BEFORE INCOME
TAX BENEFIT (EXPENSE) 326,935,411 336,288,018
INCOME TAX BENEFIT (EXPENSE)
Current (72,653,566) (62,223,550)
Deferred 190,382 141,370
Income tax expense - net (72,463,184) (62,082,180)
INCOME FOR THE YEAR 254,472,227 274,205,838

OTHER COMPREHENSIVE INCOME (LOSS)

Item that will not be reclassified
to profit or loss
Exchange difference on translation
of financial statements in foreign currecy,
net of tax (832,663) (13,153)
Remeasurement of post
employement benefit,
net of tax 42,704 106,558
Total other comprehensive income (loss)
for the year (789,959) 93,405
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR 253,682,268 274,299,243

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